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BMW Plunges to Second-Quarter Loss, as Covid-19 Hits Car Sales

BMW said it expected an operating profit for the full year even as coronavirus lockdowns pushed the carmaker to a second-quarter operating loss as deliveries of luxury cars fell 25% during the period.

The Munich-based carmaker said it swung to a 666 million euros ($786 million) loss before interest and taxes in the quarter ending June, down from a 2.2 billion euros operating profit in the year-earlier quarter.

BMW reiterated that it expected pretax profit to be significantly below 2019 levels and for car deliveries to customers to fall significantly this year.

In May, the auto maker warned it would post a second quarter loss and slashed its outlook, forecasting an automotive margin on earnings before interest and taxes (EBIT) of 0% to 3% this year, versus the 2-4% before the pandemic.

BMW on Wednesday reiterated its margin guidance for the automotive division.

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